They can also use the platform to update their contact and banking information. From there, I could either send expense definition the employee an invite to input their own information (which I could then review for accuracy and approve) or manually enter the data myself. Paychex Flex is made specifically for small businesses that need a quick and simple payroll system. It’s stripped down for businesses that just need easy payroll, with the flexibility to add on services as they grow.

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These include automation, cloud-based global solutions, and stronger data security. Business owners who place a high value on their time and peace of mind often end up outsourcing payroll. By partnering with a full-service provider, most of their payroll responsibilities – wage calculations, tax withholdings and deposits, reporting, etc. – are taken care of for them. Now that you’ve weighed the pros and cons of outsourcing payroll, let’s break down some common features to keep an eye out for in payroll outsourcing services. Like with any business decision, you’ll want to know how your business will benefit if you decide to outsource your payroll.

National Bookkeeping Service

It has tiered plans with payroll by direct deposit, a self-service employee platform, new hire onboarding and optional benefits administration for additional fees. More advanced plans include a robust HR platform, including an employee handbook, document management, training present value of a future amount programs and employee toolkits. Paycor offers automated payroll processing with the option to pay using direct deposit, check (either in-person or online) or card payments. When running payroll, it allows you to take into account wage garnishments and time-off requests. You can also integrate the payroll feature with Paycor’s time and attendance tool to track employee hours and pay them accurately.

1. It is also a great option for companies that need tools to pay employees fairly while keeping payroll costs to a minimum.
2. It even keeps track of payroll law changes by state and adjusts your withholdings and payments accordingly to ensure you are in compliance.
3. Consider how the availability of support matches your business needs.
4. Paychex Flex is its simplified payroll platform designed for small businesses with fewer than 50 employees.

Pricing

When you outsource your payroll, you hire someone to handle all aspects for you. This could be a PEO or a bookkeeper, both of which will process payroll for you and file taxes. This is perfect for companies that do not have an internal payroll team or HR employees. The payroll software you use should integrate with QuickBooks or whichever accounting software you use in order to keep an accurate record of payroll history in the event of an audit. Payroll software should also integrate with benefits administration software for accurate deductions and with time tracking software.

This change initiates changes in tax withholdings, tax filings, professional tax automation software payroll calculations, healthcare deductions and more, all without the manager having to lift a finger. Employers are ultimately responsible for paying payroll taxes, even if they outsource payroll to a third-party provider. The payroll company can streamline your operations to make them more cost-effective, and it can take on the responsibility of tax withholdings and deposits. However, any IRS penalties for mistakes will be levied against the primary business. Payroll companies employ advanced security measures to protect employee information. That includes maintaining confidentiality on issues like wage garnishment, payroll mistakes, and corporate tax filing.

She has spent the last five years working on small business content to help entrepreneurs start and grow their businesses. She’s well-versed in the intricacies of LLC formation, business taxes, business loans, registered agents, business licenses and more. Reviewing and managing payroll was a familiar process because of its intuitive grid or spreadsheet-like layout.

They assume the responsibility and liability for that, giving your company peace of mind. Payroll administrators track and implement benefit deductions, wage garnishments, paid time off, unpaid time off, taxes, and payroll errors. They also need to be aware of data security issues that could arise during the onboarding when they gather employee data. There are pros and cons to every business decision and payroll outsourcing is no different.